The pension scheme
The Avery Dennison Pension Fund organizes the pensions for employees who work at one of the Dutch companies of the Avery Dennison Corporation.
Our pension plan is an average wage plan. This means we calculate your pension over the average salary you earned during your employment with our company. The pension plan consists of old-age pension, partner's pension and orphan's pension.
Who pays the contribution?
You and your employer pay a monthly premium towards your pension. This contribution is, in total 38.46% of your pension base (pensionable salary minus the offset). Your employer pays two-thirds of this and you pay one third. Your employer pays the contributions to the pension fund. The pension fund manages the capital. You start receiving a pension benefit from us from your retirement date.
What else do you have to know?
- Pension base
Each year you accrue 1.875% of the old-age pension over your pension base. Your pension base is your pensionable salary minus the offset. This accrual rate is applicable for 2020.
With the accrual of your pension, we already take your future state pension into account. Therefore you don't accrue pension over a part of your salary. This is called the offset. Each year, on 1 July, the Board sets the offset based on the state pension amounts applicable on 1 July (€ 14,632.- as of 1 July 2021).
- Pension accrual only on salaries up to € 112,189.-
The pensionable salary from 1 January 2021 is a maximum of € 112,189.- per year based on a full-time salary.
The pension fund's board each year examines whether the accrued and commenced pensions can be increased with a supplement.
All the rules for your pension are available in the pension plan regulations (in Dutch).